Bears extend Cutler's contract through 2013

The Bears announced Tuesday night they have extended quarterback Jay Cutler's contract by two years, through the 2013 season, with a reported $30 million in new money, $20 million of which will be paid in guaranteed bonuses.

The 11th overall pick in 2006, who was acquired by the Bears on April 2 in a trade with the Broncos, was just past the halfway point of the six-year, $48 million deal he signed with Denver as a rookie.

With approximately $10 million left under this year's $127 million salary cap, the Bears had some money to spend, and they decided to use it on their franchise quarterback, who had his first 300-yard passing day as a Bear in Sunday's 21-14 loss to the Falcons.

Combined with his original deal, Cutler should make $50 million over the next five years and still be eligible for another monstrous payday after the 2013 season, when he will be just 30 years old.

While $30 million for two years may seem a bit steep for a quarterback with a 20-22 record as a starter, Cutler was a Pro Bowl player last year at age 25, and he has already significantly upgraded the Bears' offense. If Cutler continues to improve, his $15 million-a-year salary cap number for 2012 and 2013 could be a bargain. The average of the top 10 quarterback salaries in the NFL this season is $14.65 million, led by Peyton Manning's $18.7 million.

The new deal makes even more sense considering what unproven first-round draft picks are making. The Lions' Matthew Stafford, the No. 1 overall pick this year, signed a six-year, $72 million deal that included an NFL-record $41.7 million in guaranteed money.

Through five games, Cutler has thrown for 1,201 yards and completed 100 of 172 passes with 10 touchdowns and 7 interceptions for an 86.9 passer rating, which is 16th in the NFL. His 240.2 passing yards per game average are currently the highest in Bears history as is his 64.0 completion percentage. Cutler is on pace for 3,843 passing yards, which would eclipse Erik Kramer's franchise record of 3,838.

Cutler has completed 872 of 1,392 career passing attempts for 10,225 yards, 64 touchdowns and 44 interceptions for an 87.0 passer rating. Last year he threw for a Broncos franchise record 4,526 yards.

Cutler came to the Bears along with a fifth-round pick, which they used to take wide receiver Johnny Knox, in exchange for quarterback Kyle Orton, first- and third-round picks this year and a first-rounder in 2010. Orton has 9 TD passes and 1 interception and a passer rating of 100.1, eighth in the NFL.